Arçelik, which owns Beko and Grundig, has announced the $258 million (£194.1m) acquisition of Dawlance, Pakistan’s market-leading appliance brand.
Both companies have signed an agreement for the acquisition, which Arçelik said would help drive its growth strategy in emerging markets.
Pakistan’s economy is forecast to grow around 5 per cent annually for the next three years.
Dawlance is the number one refrigeration and microwaves brand in Pakistan and reported revenue of $221m in 2015.
The acquisition is expected to close by the end of 2016 subject to closing conditions and regulatory approvals.
Hakan Bulgurlu (pictured), chief executive of Arçelik, said: “Arçelik is progressing steadily on a global path and aspires to be a truly global player in its industry. Through the last decade we have consistently expanded our global outreach. We have doubled our sales turnover over the last five years and we retain our fast growth in all the markets we operate.
“We pride ourselves on developing products which make a real difference to our customers’ lives and have more than 1,000 engineers in our R&D centres in Turkey, Taiwan and Cambridge, in the UK. We also expect to open more centres soon in Germany and the USA.
“Our track record in research and development allied to our geographical manufacturing advantages and economies of scale mean we are well-placed to service both European and Asian markets. Arçelik’s recent investments in Thailand and Pakistan are providing a strong platform for growth in South East Asia as European markets reach saturation point for white goods and long-term economic malaise continues.
“By combining our global expertise and innovation with Dawlance’s excellent local management team, we will strengthen Dawlance’s product offering and brand position. We expect clear advantages to emerge in the development and manufacturing of products for Pakistan and potentially further afield.”